EUR/USD Price Analysis: Another drop to the February low is not ruled out

EUR/USD resumes the downside following Thursday’s decent uptick.
A deeper decline could see the monthly low near 1.0670 retested.

Pablo Piovano FXStreet

EUR/USD keeps the weekly range bound theme unchanged and now breaks below the key 1.0700 support on Friday.

In case losses gather extra impulse, then the pair could rapidly challenge the so far February low at 1.0669 (February 7). The loss of the latter could pave the way for further retracement to the 2023 low at 1.0481 (January 6).

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0321.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0692
Today Daily Change	67
Today Daily Change %	-0.39
Today daily open	1.0734

Trends
Daily SMA20	1.0833
Daily SMA50	1.0703
Daily SMA100	1.0353
Daily SMA200	1.0323

Levels
Previous Daily High	1.0791
Previous Daily Low	1.071
Previous Weekly High	1.1033
Previous Weekly Low	1.0793
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.076
Daily Fibonacci 61.8%	1.0741
Daily Pivot Point S1	1.0699
Daily Pivot Point S2	1.0664
Daily Pivot Point S3	1.0618
Daily Pivot Point R1	1.078
Daily Pivot Point R2	1.0826
Daily Pivot Point R3	1.0861

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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